SBA Covid-19 Issuances
Filter
Fed continues to allow bank insiders access to PPP loans
On May 14, the Federal Reserve Board announced the third extension of a temporary exception from the requirements of section 22(h) of the Federal Reserve Act and corresponding provisions of Regulation O to allow certain bank directors and shareholders to apply for Small Business Administration (SBA...
Federal Issues, Federal Reserve, SBA, Covid-19, Agency Rule-Making & Guidance, CARES Act, Regulation O, Bank Regulatory
InfoBytesSBA extends PPP whole loan sales guidance
On April 30, the Small Business Administration (SBA) issued a procedural notice , effective immediately, extending guidance on whole loan sales applicable to lender merger and acquisition transactions where a lender has Paycheck Protection Program (PPP) loans in its portfolio. The guidance, which...
Federal Issues, SBA, Covid-19, Small Dollar Lending
InfoBytesSBA announces $5 billion in Covid-19 aid for small businesses
On April 23, the Small Business Administration (SBA) announced a new round of Economic Injury Disaster Loan (EIDL) assistance to provide $5 billion in additional assistance to small businesses and nonprofit organizations with 10 employees or fewer that have been severely affected by the Covid-19...
Federal Issues, SBA, Covid-19, Small Business Lending, EIDL
InfoBytesSBA updates deadlines for first-draw PPP loans
On April 19, the Small Business Administration (SBA) issued an updated procedural notice to lenders related to Paycheck Protection Program (PPP) deadlines following the enactment of the PPP Extension Act of 2021 (covered by InfoBytes here ). SBA reiterates that under the PPP Extension Act, “from...
Federal Issues, SBA, Covid-19, Small Business Lending
InfoBytesBiden extends PPP deadline
On March 30, President Biden signed the PPP Extension Act of 2021 , extending the covered period for the Paycheck Protection Program from March 31 to June 30. However, new loan applications will not be accepted after May 31.
Federal Issues, SBA, Covid-19, Small Business Lending, CARES Act
InfoBytesSBA gives guidance on PPP loan-error codes
On March 29, the Small Business Administration (SBA) issued an updated procedural notice to lenders providing instructions on Paycheck Protection Program (PPP) loan error codes. The notice revises guidance provided in a previously issued procedural notice (covered by InfoBytes here ) and addresses...
Federal Issues, SBA, Covid-19, Small Business Lending, CARES Act
InfoBytesSBA increases lending limit for Covid-19 EIDL program
On March 24, the Small Business Administration (SBA) announced that the maximum amount small businesses and non-profit organizations can borrow through its Covid-19 Economic Injury Disaster Loan (EIDL) program will increase beginning the week of April 6. According to the announcement, SBA will...
Federal Issues, SBA, Covid-19, Small Business Lending, EIDL
InfoBytesSBA implements newest PPP changes
On March 22, the SBA published an interim final rule (IFR) implementing recent changes to the Paycheck Protection Program (PPP) that were included in the American Rescue Plan Act of 2021, enacted on March 11 (covered by InfoBytes here ). These changes include “expanding the eligibility for First-...
Federal Issues, SBA, Covid-19, American Rescue Plan Act of 2021, Small Business Lending
InfoBytesSBA defers all disaster and EIDL loans until 2022
On March 12, the Small Business Administration (SBA) extended the deferment period for all disaster loans, including the Covid-19 Economic Injury Disaster Loan (EIDL) program, until 2022. Specifically, the first payment due date for SBA disaster loans made in calendar year 2020 is extended from 12-...
Federal Issues, SBA, Covid-19, Small Business Lending, CARES Act, EIDL
InfoBytesSBA changes income calculations for self-employed PPP applicants
On March 12, the Small Business Administration (SBA) updated its Paycheck Protection Program (PPP) frequently asked questions to reflect recent changes allowing self-employed, Schedule C filers to use gross income to calculate PPP loan amounts. As previously covered by InfoBytes , SBA issued an...
Federal Issues, SBA, Covid-19, Small Business Lending
InfoBytes